ECONOMIC PLANNING THEORY AND PRACTICE

Every success and failure of an individual person, family, organization, and institution have a direct relationship to how things, conditions, and activities were planned. The planning process differs in scopes, conditions, and purpose. An individual may plan for the realization of his/her desire and ambition whether for self or for others. Parents’ plan for the family may come with a balance between his/her personal growth and development and for the well-being of the family members. Moreover, a particular organization or institution plans based on its clear vision, mission, and goals. The organizational and institutional plan is not really about realizing personal goal but for the organizations’ desire for the good of others and communities to a larger scope. All of these planning efforts undertaken whether from an individual, families, organizations or institutions redound to the total development of the economy as a whole.

Every success and failure of an individual person, family, organization, and institution have a direct relationship to how things, conditions, and activities were planned. The planning process differs in scopes, conditions, and purpose. An individual may plan for the realization of his/her desire and ambition whether for self or for others. Parents’ plan for the family may come with a balance between his/her personal growth and development and for the well-being of the family members. Moreover, a particular organization or institution plans based on its clear vision, mission, and goals. The organizational and institutional plan is not really about realizing personal goal but for the organizations’ desire for the good of others and communities to a larger scope. All of these planning efforts undertaken whether from an individual, families, organizations or institutions redound to the total development of the economy as a whole.

2021

The proposal aims at installing a basic, nation-based capability to resist challenges like pandemics. This capability will preserve the essentials of economic system through the crisis, will mobilize people to work in critical functions and will directly help people and organisations in financial stress. It will also lay the foundations for the transformation of the economy post-crisis to one which works within ecological boundaries. It is not a solution that targets the whole economy. Rather it looks at maintaining a resilient core. It is neither based on any particular school of thought nor economic theory, rather it is based on looking at the present system and seeing what a few practical next steps might be.

The main process or stages of planning are as under: 1. Formulation of Plan: The formulation of the development plan is the first stage of the economic planning. At the top, the Planning Commission formulates a draft plan in consultation with the various ministries or economic councils. Similarly, at the bottom, individual perspective plan on the basis of past experience and future requirements is prepared. The Planning Commission assesses the balances of technical possibilities, recommendations, suggestions and requirements in the light of reports given by two agencies—one from the top and the other from the bottom. The final draft is comprehensive, coherent and well knit document. First of all, Planning Commission lays down tentatively certain general goals for the long time, i.e., for fifteen or twenty years, after making a careful analysis of technical possibilities, the basic and non-basic needs of the economy and various methods of development.

Economic development planning is the conscious government's effort to influence, direct and in some cases control changes in a nation's principle economic variables to achieve pre-determined objectives of development over a given period of time.

The planning system is crucial in ensuring an enhanced quality of livelihood for citizens. It is for this that Kate Barker asserts that "Its outcomes influence the quality of our urban environment, the price and size of our homes, the employment opportunities available to us, the price of goods in the shops and the amount of open space we have in our towns and countryside" . In essence all these constitute the economy. Hence, the effectiveness of the economy is influenced by the workings of the planning system. For this overarching objective to be effectively delivered, the new National Planning Policy Framework (NPPF) circumscribes this system in a presumptive target in favour of sustainable development so as to ensure that it delivers a responsive and competitive economy, vibrant and healthy communities and protection of the natural, built and historic environment.

This paper examines the relevance of selected planning models in the attempt to reduce poverty and achieve economic growth and development in Nigeria through national economic development plans. A synopsis of the linear programming and input-output models asserts a preference for the linear programming (optimizing) model due to the heterogeneous development pattern in the country coupled with gaps between the achievements visa -vis the objectives and strategies of the plans.

The economic impact on improving the quality of the strategic management system operation by increasing the quality, reliability and validity of the results obtained is the basis of socio-economic planning and economic design. Methods: The comparative analysis of the expert-analytical support of strategic management, socio-economic planning and economic design in the Russian Federation and a number of foreign countries, carried out in this article, let us conclude that the system of expert-analytical support in general meets the level of the leading developed countries. Findings: One of the main scientific tasks in this area is to improve the mechanisms and algorithms of the current support of strategic management in the Russian Federation, as well as to minimize and overcome the negative trends in the economy. The article considers the principles and selection algorithm for research and expert-analytical support that should be used in the further development of national foresight projects. The authors have formulated recommendations for improving the overall efficiency of the system of strategic management, socio-economic planning and economic design which allow creating conditions for a more active involvement of System Expert Societies (SES) to solving strategic problems of the economy. The main differences of the proposed algorithm from the current practice are as follows: A competitive and transparent nature; the possibility to form analytical teams on the principle of efficiency; ensuring the required level of quality of the final outcomes before the competition (since the required level of quality is determined by the SES status of participants that all contestants have). Application/Improvements: It is necessary to create a national system of expertanalytical communities, whose planning and forecasting results should be accounted for in the strategic management system, socio-economic planning and economic design at the national and regional levels.